Archive for July, 2008
July 15, 2008
Below are a few stand-out price reductions on single family homes in NW DC: Palisades/Foxhall, Columbia Heights and Crestwood. Two are in foreclosure (but also listed in the MLS by an agent so you can use Redfin to represent you, if you wish), one is a short sale and one is an estate sale that is back in active status on the market.
Some of these houses have been reduced more than once. I only list the current and most recent prices.
Remember, bank foreclosures can take a long time to settle although they can be a good deal if you make it through the paperwork. A “short sale” means the price is less than what is owed on the house by the seller and the seller’s bank would need to approve any offer. Again, this may take time and some short sales have been accused of having no chance of approval at all. Read up on how/whether these situations work out before getting your emotions involved.
We’ll start with the house pictured above on swanky Foxhall Rd NW. OK – maybe it is on the less swanky section of Foxhall Rd (south of Reservoir Rd), but it’s still in an expensive, highly coveted neighborhood, making it a rare find.
1616 Foxhall Rd NW – $1,655,000, down from $1,780,000, FORECLOSURE/MLS - 5 bed/5.5 bath, new-ish luxury colonial in Palisades/Foxhall. Over 5,000 sqft of living space, Viking appliances, etc. It is listed below its tax assessment value. It has been on the market for 34 days.
Columbia Heights
3416 13th St NW – $442,000, down from $497,000, FORECLOSURE/MLS - 5 bed/3 bath brick row house, including separate unit in English basement. It has a bayfront construction, built in 1895. Table space main kitchen. Four of the bedrooms are on the first upper floor, and it has an attic. It is listed below its tax assessment value. It has been on the market for 43 days.
755 Kenyon St NW – $199,900, down from $239,000 - 2 bed/1 bath brick row house built in 1916. It is 3 blocks from the Metro station but also includes parking. It has been on the market for 73 days.
Crestwood
1707 Upshur St NW – $499,000, down from $549,000 – 3 bed/1.5 bath semi-detached brick house built in 1925. This house is back on the active market, now for a total of 128 days unsold. It is an estate sale, so love it or leave it.
Cheers,
Allison
July 14, 2008
This is brilliant. I was checking the Loudoun Times-Mirror for neighborhood news when I came across this little tidbit about a local realty company offering foreclosure bus tours. As in, a bunch of homebuyers and investors get on a big ol’ bus and are chauffeured around Loudoun and right up to the doorsteps of select foreclosure properties for sale. Here’s a snippet from the website:
“It’s a little like real estate speed dating, you get to see a lot of properties in a short period of time. And now is a great time to invest in your future, first time home buyers, investors or just people with a vision are great matches for these homes. The tour is a rolling foreclosure seminar, we will educate you how these properties are purchased, evaluated and financed. On board will be lenders, attorneys, and home inspectors available to answer your questions. At the end of the tour, guests will be given the opportunity to schedule a private showing of any of the homes from the tour they have an interest in or to visit other homes that might better suit their needs.”
The tour takes about 3 hours, and the realtors running the tour advise attendees to dress lightly since many (if not most) of the homes will not have working AC. Riders are under no obligation to sign with the agents hosting the tour at any point, but anyone currently working with a buyer’s agent is not allowed to ride along. If I can get over the idea of a hot, sweaty, 3-hour bus ride, I might just go on the next one (scheduled for Sunday, June 20th). It’s got to be a great way to get a feel for the foreclosure landscape without making a major time commitment or having to sign with an agent. If I go, I’ll definitely report back.
July 14, 2008
Wow. This week’s luxury home is located in Spring Valley (20016 zip) at 4847 Rockwood Pkwy NW and is listed at $8.5 million. That’s a cool $1 million reduction from the original list price, and it’s been on the market for more than a year (385 days, to be exact). The lot (a little less than ½ an acre) is smallish for the size of the house (16,000 sq. ft.); but in this case, I think what they’ve done with the outdoor space more than makes up for that: it includes a heated pool, Jacuzzi, manicured landscaping, and a cabana with a kitchen. Inside, you’ll find the usual suspects (wine cellar, home theatre, library, and a gourmet kitchen), but you’ll also find something unusual – a spa treatment room. You know, so you don’t have to be bothered with the pesky drive to and from your massage or facial.
Every last detail of this house is impeccable; nothing is left undone, and the colors used are neutral enough that most buyers could (at the very least) easily live with them until they could be redone. There are 82 pictures to comb though on the virtual tour, but they are definitely worth the time and effort. Even if you’re not in the market, looking at a home like this is always a nice little diversion from “real life”. You can also learn more about the Spring Valley neighborhood from its Wikipedia entry. Enjoy!
Image: American University campus, which straddles the Spring Valley, Wesley Heights, and American University Park neighborhoods of Northwest DC.
Recent Sweet Digs Posts
Dupont Sells, Bloomingdale Swells?
Loudoun County Price Reductions, 7/10
July 12, 2008
Just for interest, today I compared the average number of days that properties have been on the market in different NW DC neighborhoods.
Dupont Circle is selling the fastest (average 52 days), while Bloomingdale properties are languishing (average 142 days), keeping inventory high. Tiny Crestwood is also experiencing a very high average, as I
reported last week, but I have not included it here since only 7 or 8 houses are for sale there.
The differences give an indicator of how brisk (or not) each submarket is, and how relaxed or aggressive buyers need to be when negotiating a contract. My numbers come from the Redfin Web site and include both condos and single family homes. You can filter the data further if you wish by clicking on a neighborhood, and then again on the “Price, Beds…” function which is at the top of the map you’ll see. Then, choose how you want to filter and run it.
Cheers,
Allison
Photo: Dupont Circle Founntain by DCTourism
July 11, 2008
Looking for something to do in the DC area this weekend? Look no further. Every Friday, I’ll highlight area events that sound interesting and fun. I find that the best resources are the “Extra” sections in The Washington Post; I’ve highlighted one event per day, but you can click on the links to see the full list. Enjoy!
DC
Friday, 7/11
CLASSIC JAZZ CONCERT, by the Joshua Bayer Quartet. 5-8:30 p.m., National Gallery of Art, Sculpture Garden, Seventh Street and Constitution Avenue NW. Free. 202-289-3360.
Saturday, 7/12
TREE PLANTING, participants help members of Casey Trees plant trees to help beautify the city; tools, training and refreshments provided. 9 a.m.-noon, Ward 3 Memorial Grove, 36th Street and Massachusetts Avenue NW. Free; reservations required. 202-833-4010, Ext. 109 or http://www.caseytrees.org.
Sunday, 7/13
PARK TOUR ON HORSEBACK, for those 12 and older, a National Park Service ranger leads a one-hour ride along a creek. 11 a.m., Rock Creek Park Horse Center, 5100 Glover Rd. NW. $35, reservations by credit card required. 202-895-6070 or 202-362-0017. (Image: Rock Creek Park)
ALEXANDRIA/ARLINGTON
Friday, 7/11
GADSBY’S LANTERN TOURS, for age 5 and older, 30-minute tours of the historic tavern and hotel, led by a costumed guide. 7-10 p.m. Fridays, Gadsby’s Tavern Museum, 134 N. Royal St., Alexandria. $5, registration required. 703-838-4242 or http://www.gadsbystavern.org.
Saturday, 7/12
ALEXANDRIA FARMERS MARKET, meat, dairy products, fish, fruit and vegetables, sponsored by the city. 5:30-10:30 a.m. Saturdays, Market Square, 301 King St., Alexandria. 703-838-5006 or 703-838-4343.
Sunday, 7/13
ARLINGTON DANCE THEATRE, performance, sponsored by Arlington Cultural Affairs. 8 p.m., Lubber Run Amphitheatre, North Second and North Columbus streets, Arlington. Free. 703-228-1850, 703-228-6966 or http://www.arlingtonarts.org.
FAIRFAX COUNTY
Friday, 7/11
FAIRFAX SWING CONCERT, outdoors, by Swing Speak. 7:30-8:30 p.m., Royal Lake Park, 5344 Gainsborough Dr., Fairfax. Free. 703-324-7469.
Saturday, 7/12
RESTON FESTIVAL, Reston’s 44th birthday celebration, live entertainment, activities for kids, crafters, business booths, food vendors and more. 10 a.m.-10 p.m. Saturday; 10 a.m.-7 p.m. Sunday, Reston Town Center, 11900 Market St. Admission, free. 703-435-7989 or http://www.restonfestival.com.
Sunday, 7/13
HOOTIE AND THE BLOWFISH CONCERT,8 p.m., Wolf Trap National Park, Filene Center, 1551 Trap Rd., Vienna. In-house, $40; lawn, $28. 703-255-1868 or http://www.wolftrap.org.
MONTGOMERY COUNTY
Friday, 7/11
HISTORIC HOMES LECTURE, Elizabeth Smith Brownstein, a television researcher, producer and author, gives a slide presentation and lecture, “If This House Could Talk: Historic Homes, Extraordinary Americans,” about 28 of the most significant homes in the United States. 1:30 p.m., Friendship Heights Village Center, 4433 S. Park Ave., Chevy Chase. Free. 301-656-2797.
Saturday, 7/12
LIBRARY USED-BOOK SALES, sponsored by the Friends of the Library. 9 a.m., Potomac Library, 10101 Glenolden Dr., 240-777-0690; 9 a.m., Germantown Library, 19840 Century Blvd., 240-777-0110. Admission, free. Most hardback books, $1; most paperback books, 50 cents.
Sunday, 7/13
CHILDREN’S MUSIC PROGRAM, for children of all ages with an adult. Children’s entertainer Alden Phelps plays guitar and sings humorous songs, including “My Mommy’s a Pirate” and “Chocolate Pie”; plus interactive games and challenges; part of the Second Sundays series of summer concerts; bring a blanket or chairs or sit on the grass; sponsored by the Wheaton Urban District and Wheaton Arts and Entertainment District. 1-3 p.m., Wheaton Triangle, on the grass by the parking lot, Grandview Avenue and Reedie Drive. Free. 240-777-8115.
July 11, 2008
Open House Date and Time:
Sunday, July 13th, 1-4 pm
245 South Pickett #202
Alexandria, Virginia 22304
Seller’s Comments
Coffee shop of choice:
There are multiple local coffee shops nearby, including a Starbucks, Dunkin Donuts, and local establishments.
Favorite restaurants in the area:
Mango Mikes – a locally-owned restaurant with a Caribbean flair. They offer a broad menu and an outstanding steel drum Sunday brunch.
Favorite places to go:
The proximity to the Metro offers convenient access to the entire city of Washington DC – including the Kennedy Center, Smithsonian Museums, MCI Center, and other area attractions. Locally, the multiple nearby parks offer walking paths and wonderful large open areas.
Best features of the home:
The best features of the home obviously begin with the proximity to the Metro, bus stop, and local shopping centers and parks. The home itself is one of the most desirable in the neighborhood as it is a second floor end unit offering additional light via extra windows in the kitchen and master bedroom and a large private corner deck with views of trees in both directions. The home also offers an attached garage with additional second parking space. There is also a two-sided fireplace in the living room. The home also offers all new flooring including hardwood in both bedrooms, kitchen and entry.
Favorite room: The living room is our favorite room as it offers a cozy view of the fireplace while also offering loads of natural light and views of trees through the large windows throughout the year.
Any remodeling since last sale price:
The entire condo has been remodeled. New energy efficient windows have been added throughout. New hardwood floors have been added in both bedrooms, kitchen and entry, new premium carpet in the living/dining rooms, and new vinyl in both bathrooms. All walls have been freshly painted and new updated lighting has been installed throughout. All appliances have been replaced with GE Select appliances and the wood cabinets have been refaced with six additional cabinets added for increased storage. Additionally, new kitchen countertops have been added including a new porcelain sink and brushed nickel faucet. Both full bathrooms have been updated with new vanities, mirrors, brushed nickel faucets, and lighting. The hot water heater has been replaced as well as the heat pump — which now includes an energy saving programmable thermostat. All electrical receptacles & switches have been replaced and all door hardware has been updated with brushed nickel knobs and hinges. The finished garage has been completely repainted with wood base molding added.
Most romantic spot:
The most romantic spot in the home is definitely the large soaking tub area in the master bathroom. The walls, painted in a warm hue, surround the bathtub whose entrance is encased with large elegant drapes which serve to frame the area and instill a sense of privacy. Warm glowing candles add to the mood.
What’s in the neighborhood: The neighborhood offers convenient walking access to the community pool and clubhouse, Metro stop, bus stop, multiple parks, as well as nearby shopping centers containing multiple restaurants, a post office, a Giant grocery store, as well as a Home Depot.
What I will miss the most:
We will miss the sense of community and close proximity to everything, from walking access to the Metro and bus stop to the multiple restaurants, shopping centers, and parks, that the area offers. Residents are friendly and take pride in the city – it truly is a wonderful place to live.
July 11, 2008
It’s definitely July. Not only are fewer houses coming onto the market each week, I’m also seeing fewer price reductions. I guess sellers are attempting to wait out the slow summer months, but I’m not sure that’s the wisest decision. September is typically the busiest month for property sales, and there might be more competition at that time than current sellers think.
Another thing I am noticing is that despite the slowdown in overall reductions, there has been a steady increase in reductions on homes that have already been reduced at least once before. The Lansdowne house I’m featuring (a steal at $459,900) is a perfect example of that; it’s been reduced 4 times since the end of May, and the last price drop was a mere 7 days apart.
If you’re going house hunting this weekend, it’s a great opportunity to see if the air conditioning in any given property is working; it’s supposed to be in the mid-90s through Sunday. Stay cool!
ASHBURN FARM
20958 Huntland Ct, Ashburn, 20147
5 bd/3.5 ba; 3856 sq. ft.
Reduced from $564,900 to $554,900
Days on Redfin: 99
ASHBURN VILLAGE
21411 Clearfork Ct, Ashburn, 20147
4 bd/4.5 ba; 4290 sq. ft.
Reduced from $619,500 to $589,900
Days on Redfin: 42
BRAMBLETON
42450 Meridian Hill Dr, Ashburn, 20148
4 bd/4.5 ba; 3970 sq. ft.
Reduced from $609,900 to $584,900
Days on Redfin: 58
BROADLANDS
43328 Markham Pl, Ashburn, 20147
4 bd/3.5 ba; sq. ft. unavailable
Reduced from $619,000 to $585,000
Days on Redfin: 80
LANSDOWNE
19230 Coton Holdings Ct, Leesburg, 20176
4 bd/3.5 ba; 3630 sq. ft.
Reduced from $474,900 to $459,900 (Original list price: $519,900)
Days on Redfin: 41
July 10, 2008
Rendering of National Harbor in Prince George’s County.
Recent Sweet Digs Posts
Politicians and the Promises They Actually Keep
What You Get for the Money: McLean Vs. Vienna
July 9, 2008
Loudoun County voters should be pretty pleased with the current Board of Supervisors (and with themselves, for voting them in). Not only are they following through with their campaign promises to curb the crazy growth the county has been subjected to for the past decade, they also just voted to refuse campaign contributions from any outfits (including developers) with proposals before the board. That’s right: Politicians are actually going to refuse money from the big guys in order to regain lost trust with the little guys. Hard to believe, but true. You can read all about it on WashingtonPost.com.
While you’re at it, take a look at this article (also from the Post) about the backlash the Board is experiencing as it’s trying to build up services and infrastructure such as schools and a hospital. The Post article doesn’t do a great job of thoroughly explaining all sides of the hospital issue; it neglects to mention that the new hospital will be a mere 5 miles from INOVA Loudoun, which currently is the county’s only hospital. But the article does rightfully point out that anti-growth residents aren’t necessarily being terribly realistic, and that there has to be some middle ground between no-growth and the previous path the county was on. The fact is that we have some catching up to do in terms of services and infrastructure, and we need to start figuring out how to do that before the next wave of growth starts. We might be enjoying a nice little growth lull now, but once you add in the World Trade Center and the Dulles Rail, it’s going to be a whole new ballgame. Let’s not get caught unprepared again.
Images: Rural farmland and traffic in Loudoun; courtesy of www.smartergrowth.net.
July 9, 2008
If you’re thinking of buying in McLean or Vienna but can’t decide between the two, I’ll give you a tip: It all comes down to budget. Although they abut each other, there is a world of difference in terms of what your money will buy you in 22102 (McLean) and 22182 (Vienna). In all of 22102, there are only 3 detached homes priced under $900k; in 22182, there are 54. It’s almost like you can see the $900,000 line drawn in the sand between the 2 zips, which are on opposite sides of Tysons Corner.
So, what are your options if you have between $700k and $800k to spend and are looking in either of these areas? In McLean, you would have a decent selection of newer townhomes and condos from which to choose, and in Vienna, you’ll find a nice mix of older single families and newer townhomes. I picked a price point of $775k for the sake of comparisons, and you can view my findings below. The homes I selected are about 3 miles apart from each other. Happy hunting!
McLean (22102)
7408 Seneca Ridge Dr.
2 bd/2 full, 2 half ba
This 3-story townhome features an elevator(!), Venetian plaster walls, plantation shutters, and hardwood floors throughout the main level. The basement has a finished rec room that walks out to a brick patio. It’s located in Hunting Ridge and is 1.8 miles from Tysons.
Vienna (22182)
8529 West Oak Pl.
4 bd/3.5 ba
The buyer of this detached home will enjoy a laundry list of updates: kitchen and baths with granite countertops and new cabinets, new roof and windows, hardwoods on the main and upper levels, skylights, and a 2-level deck that overlooks the fenced backyard (1/4 acre that backs to trees). The basement is finished. This property is located in Westwood Oaks and is 1.5 miles from Tysons.
